Group 1 - The core viewpoint of the report is that Tianfeng Securities has given a "buy" rating to Sankeshu (603737.SH) based on its strong performance in the home decoration paint sector and effective strategic transformation [2] - The report highlights that both sales volume and price of home decoration paint have increased, indicating a positive market trend [2] - Profit margins have significantly improved, and cash flow has turned positive, which are critical factors for the company's financial health [2] Group 2 - The report mentions potential risks, including the possibility that the company's channel expansion may not meet expectations [2] - There is a concern regarding the significant increase in raw material prices, which could impact profitability [2] - The report also notes the risk of a downturn in the real estate market exceeding expectations, along with intensified market competition [2]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company's Q2 revenue met expectations, but profit margins faced further pressure due to fluctuations in old customer orders and the ramp-up of new factories [1] - New customer orders saw significant growth year-on-year, although some old customer orders declined due to external factors such as consumer demand in Europe and the US, and tariff uncertainties [2] - The company's gross margin fluctuated due to the efficiency ramp-up of new factories and adjustments in production capacity among older factories [3] - The company is maintaining an aggressive capacity expansion strategy, with new factories in Vietnam and Indonesia expected to enhance profitability in the coming years [4] - Profit forecasts have been adjusted downward for the current year due to uncertainties in trade environments, but a recovery in profit margins is anticipated in 2026 as new factory efficiencies improve [5] Summary by Sections Financial Performance - For H1 2025, the company achieved revenue of 12.66 billion yuan, a year-on-year increase of 10.4%, while net profit was 1.664 billion yuan, a decrease of 11.4% [1] - In Q2 2025, revenue was 7.31 billion yuan, up 9.0% year-on-year, with net profit at 902 million yuan, down 17.3% [1] Customer Dynamics - The company experienced a significant increase in new customer orders, primarily from brands like Adidas and New Balance, contributing to a 6.14% increase in sports shoe sales to 11.5 million pairs in H1 2025 [2] Production and Capacity - The net profit margin for H1 2025 was 13.1%, down 3.2 percentage points year-on-year, with Q1 and Q2 margins at 14.2% and 12.3%, respectively [3] - The company is actively expanding production capacity with new factories, which typically take 1.5 to 2 years to reach full efficiency [4] Profit Forecasts - Revenue projections for 2025-2027 are 26.66 billion yuan, 30.15 billion yuan, and 34.18 billion yuan, with expected year-on-year growth rates of 11%, 13%, and 13% respectively [5]

Core Viewpoint - Texas Instruments (TI) is reportedly planning another price increase, which is expected to be larger than the previous increase in June. The price hike will primarily affect industrial and automotive products [5][8]. Group 1: Price Increase News - In early August, rumors circulated that TI would raise prices again, with claims that the increase would be more significant than the one in June [3][5]. - Multiple sources indicate that TI is set to adjust the cost of over 60,000 components, effective August 4 [5][8]. - Some distributors have confirmed the authenticity of the price increase news, while others have not yet felt its impact [8][9]. Group 2: Market Performance and Demand - TI's overall market demand has been weak, with a notable decline in revenue from 20 billion USD to around 15 billion USD over the past two years, but signs of recovery have emerged in 2024 [14][16]. - The second quarter of 2025 showed a revenue increase of 16% year-over-year, with total revenue reaching approximately 4.448 billion USD [16][18]. - TI's cash flow remains strong, with operating cash flow totaling 6.44 billion USD over the past 12 months, and free cash flow improving to 1.763 billion USD [18]. Group 3: Regional Insights - In the Chinese market, TI's revenue accounted for about 20% of total revenue, with a year-over-year growth of approximately 32% in the second quarter of 2025 [19]. - The industrial sector was the main driver of revenue growth in China, with significant increases across various sub-sectors [19].

Core Viewpoint - Oriental Selection (01797) has seen its stock price rise over 80% this month, with a current increase of 7.37% to HKD 21.85, and a trading volume of HKD 1.147 billion [1] Financial Performance - Daiwa reported that Oriental Selection's Gross Merchandise Volume (GMV) for the first half of fiscal year 2025 is expected to reach RMB 4.8 billion, with the "With Hui Together" channel led by Dong Yuhui contributing a quarter of this total [1] - Following Dong Yuhui's departure, the GMV has rebounded due to the expansion of sales channels, and the gross margin for self-branded products has improved to a healthy level of 21%, up from 10% in the second half of 2024 [1] Operational Strategy - The company has been reducing its workforce since December last year and expanding its product offerings to include high-margin categories such as health supplements and pet products, which is expected to further improve profit margins in the second half of fiscal year 2025 [1] - Zheshang Securities noted that after two years of challenges, the company's operations are stabilizing, and GMV is expected to turn positive by June 2025 as the high base effect diminishes [1] Market Position - Oriental Selection continues to focus on developing its key products, with GMV stabilizing and profit margins recovering, indicating significant growth potential for self-operated products [1]

智通财经APP获悉，东方甄选(01797)再涨超7%，该股近期持续攀升，本月股价已累涨八成。截至发 稿，涨7.37%，报21.85港元，成交额11.47亿港元。 浙商证券认为，历经两年波折、公司经营逐渐走回正轨，自22年6月快速出圈后，自2023年初经历董宇 辉舆论事件及2024年中剥离与辉同行，东方甄选已经历两年多调整。随着高基数过去、经营企稳，2025 年6月GMV预计转正向上。此外，东方甄选持续发力大单品。该行指出，东方甄选GMV企稳向上，利 润率不断修复，自营品仍有较大发展空间。 消息面上，大和此前指，东方甄选2025财年上半年的商品交易总额(GMV)为48亿元人民币，当中董宇辉 带领的"与辉同行"频道贡献总额的四分之一。然而，在董宇辉离职后，该行留意到东方甄选的GMV已 随着销售渠道扩张而触底反弹。此外，由于折扣减少，东方甄选2025上半财年自家品牌产品的毛利率回 升至21%的健康水平，较2024下半财年的10%有所上升。随着集团自去年12月起开始减少人手，并将产 品扩展至健康补充剂和宠物产品等高毛利的类别，该行预计2025下半财年的利润率将进一步改善。 ...